Govt overhauls oil, gas exploration policy
- The govt has overhauled the rules for the oil and gas exploration permits. The Ministry of Petroleum and Natural Gas has released the new rules for oil and gas exploration permits.
- The new policy provides for different rules for areas that already have producing fields and ones where commercial production of oil and gas is yet to be established.
- Companies will be charged only prevalent royalty rates on oil and natural gas in the less explored Category-II and III basins.
- Future bids for Oil and gas acreage or blocks will be awarded primarily on the basis of exploration work commitment.